Regulations Governing Securities Investment Trust Funds Article 51
A SITE may privately place certificates of beneficial interest with the following entities:1. Banking enterprises, bills finance enterprises, trust enterprises, insurance enterprises, securities enterprises, financial holding companies, or other juristic persons or institutions approved by the FSC.2. Natural persons, juristic persons, or funds that meet FSC-imposed requirements.The total number of offerees under subparagraph 2 of the preceding paragraph may not exceed 99 persons.Prior to completion of the offering, the SITE bears the obligation of providing financial, operational, or other information relevant to the given placement of certificates of beneficial interest in response to reasonable requests from the entities listed under paragraph 1, subparagraph 2.A SITE privately placing a fund with specific persons may not engage in normal advertising activities or publicly offer inducements during the period of offering and sale.Any SITE violating the provisions of the preceding paragraph will be deemed to have made a public offering to non-specified persons.
中文原文 證券投資信託基金管理辦法（931030訂定）第51條
證券投資信託事業得向下列對象進行受益憑證之私募：
一、銀行業、票券業、信託業、保險業、證券業、金融控股公司或其他經本會核准之法人或機構。
二、符合本會所定條件之自然人、法人或基金。
前項第二款之應募人總數，不得超過九十九人。
證券投資信託事業應第一項第二款對象之合理請求，於私募完成前負有提供與本次證券投資信託受益憑證私募有關之財務、業務或資訊之義務。
證券投資信託事業向特定人私募基金，於招募及銷售期間，不得為一般性廣告或公開勸誘之行為。
違反前項規定者，視為對非特定人公開招募之行為。
一、銀行業、票券業、信託業、保險業、證券業、金融控股公司或其他經本會核准之法人或機構。
二、符合本會所定條件之自然人、法人或基金。
前項第二款之應募人總數，不得超過九十九人。
證券投資信託事業應第一項第二款對象之合理請求，於私募完成前負有提供與本次證券投資信託受益憑證私募有關之財務、業務或資訊之義務。
證券投資信託事業向特定人私募基金，於招募及銷售期間，不得為一般性廣告或公開勸誘之行為。
違反前項規定者，視為對非特定人公開招募之行為。